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Pacira Biosciences Inc logo

Pacira Biosciences Inc

pacira.com

What Do They Do?

Sells non-opioid pain treatments, including injectable medicines for postsurgical and knee pain and a handheld nerve-pain device, to healthcare providers.

How Do They Make Money?

Pacira sells EXPAREL through wholesaler orders tied to end-user demand and sells ZILRETTA mainly through specialty distributors and pharmacies; payment terms generally run zero to four months from the transaction.

FY2025 revenue by product or service revenue
SegmentShareRevenue
Net product sales
Sold outright

100%
FY2022: 100%
Royalty revenue
Licensed
0.5%
FY2022: 0.4%

Who Are Their Customers?

Healthcare providers use Pacira’s products for postsurgical and knee pain. EXPAREL orders run through wholesalers and ship directly to hospitals, surgery centers and provider offices; ZILRETTA is sold mainly through specialty distributors and pharmacies.

Customers above 10% of revenue, FY2025
of revenue from three customers (31%, 26%, 22%)

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 19 cents into free cash flow.

Operating income, FY2025
3% of revenue
▲ Now profitable vs FY2024 (−$73.4M, −10%)
Net income, FY2025
1% of revenue
▲ Now profitable vs FY2024 (−$99.6M, −14%)
Free cash flow, FY2025
19% of revenue
▼ −24% vs FY2024 ($178.8M, 26%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +6%
vs $181.1M in Q2 FY2025
Net income
▲ Now profitable
vs −$4.8M in Q2 FY2025
Net product sales share of revenue vs 99.6% in Q2 FY2025
  • Jun 30, 2026 Agreed to sell iovera business to Zimmer Biomet The deal includes $70 million upfront and up to $70 million in revenue-based milestone payments; closing is expected in the third quarter of 2026.

Growing. Revenue grew 34% in 4 years, from $541.5M in FY2021 to $726.4M in FY2025, about 8% a year.

Broader EXPAREL use EXPAREL’s approved uses have expanded from infiltration and an interscalene block to also include adductor canal and sciatic nerve blocks, extending its postsurgical pain offering for additional surgeries.

Revenue over time
Net product sales Royalty revenue Collaborative licensing and milestone revenue
$1B$500M$0

Who Do They Compete With?

Competes with Avanos Medical

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